Please ensure Javascript is enabled for purposes of website accessibility
December 4, 2022

Accounting Holiday Roundup: KPMG Women Defend Firm’s Record on Women; Disclosure Overload; Fake Treasury Secretary Goes Phising | 12.29.14

We're taking a cue from #PwCtakesabreak and keeping a light schedule this week. We'll post roundups, the occasional missive and breaking news but if you'd like to bring something to our attention, email us. Or you can post to Open Items

Microsoft Ex-CEO & Other Executives Sued by IRS over Taxes [Nasdaq]
They're curious about the company's transfer pricing transactions.

In Reply: KPMG supports women in the workplace [LoHud]
KPMG goes on the offensive with this op-ed by Lynne Doughtie and Laura Newinski who do not agree with Donna Kassman's assessment of how the firm treats women.

Fainting Plaintiff-Grant Thornton Talks End In Impasse [Law360]
This comes from Jenkins v. Grant Thornton: "A two-hour settlement conference between Grant Thornton LLP and a former employee who has sued the firm over alleged ERISA violations and lobbed a sanctions motion against its counsel at Alston & Bird LLP for allegedly deposing her after she’d passed out ended in an impasse Wednesday, a magistrate judge who oversaw the conference said."

Tackling Disclosure Overload [CFO]
Stop listening to lawyers: "Regulators, moving toward a wholesale cleanup of the massive factual and analytical disclosures that have accumulated over many years, are encouraging filers to preemptively step forward and make the edits themselves. The problem, though, is that lawyers have long been counseling companies to do just the opposite: err on the side of insignificant disclosures and repetitive boilerplate to make sure they don’t break laws or get sued for omitting a detail or two."

Alternatively, you can read this thread.

The Double Illusion of Financial Statement Comparability and Auditability: Through the Lens of Falling O&G Prices [Accounting Onion]
To kick things off: "There are many, many reasons why financial reports are not comparable.  Tops on my list, though somewhat off topic, is the absence of adjustments for inflation.  It really irks me that no respectable economist would ever dream of comparing trends in costs or revenues without adjusting for inflation; but in accounting, we never adjust for inflation."

Look out for phishing scam from fake Treasury Secretary [DMWT]
FYI.

Gmail blocked in China [Reuters]
The Great Firewall of China.

This new service wants to be the Airbnb for Airbnb [The Verge]
It's called "Can I Stay with You While I Rent my Place on Airbnb?

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Related articles

a dog wearing VR

Monday Morning Accounting News Brief: Deloitte on Microtransactions; More EY Split Roadblocks; Have You Become Irritable? | 11.28.22

Happy Monday! Here’s some stuff that’s going on. Several US audit firms told the Financial Times that they had elevated some or all of their crypto-related clients to the status of “high risk”, triggering a more thorough audit that will take longer and lead to higher bills; some clients could ultimately be dropped altogether. KPMG […]

woman working on a laptop with a dog beside her

Monday Morning Accounting News Brief: The Leadership Void; KPMG Gets Fined (Again); PwC Ups Leave | 10.3.22

Deloitte launches Global Sustainability & Climate learning program that aims to enhance skills and capabilities of Deloitte people to help address a global societal challenge. Dubai’s financial regulator has provisionally fined KPMG and one of its former partners $2 million over the firm’s auditing of Abraaj, the emerging markets private equity group that collapsed in […]